misfeasance doing something, essentially legal, wrongly, as opposed to not doing something at all that should have been done (which is called non-feasance). A species of the tort is misfeasance in public office. Traditionally this was the case of directed malice intended to injure a person - the exercise of public power for an ulterior motive.
Novation A novation is an agreement made between two contracting parties to allow for the substitution of a new party for an existing one. The original contracting party who is replaced by the new party with the novation is excused by the novation, and therefore the original party who is replaced gives up any rights it has against the other original party to the contract. Both original contracting parties must agree to the novation.
A Nova Scotia ULC (or NSULC) is formed under section 9 of the Nova Scotia Companies Act, RSNS 1989, c.81 (NSCA), which permits a company to be incorporated with or without liability and not having any limit on the liability of its members.An NSULC is a separate legal entity and is the proper party to a contract.s a result, treaty benefits such as the reduced rate of withholding tax are not available to a limited liability company. An advantage of a ULC to an individual U.S. investor is that they can claim a foreign tax credit on their individual U.S. tax return for Canadian taxes paid by the NSULC.